DATA VANTAGE | eFishery founders largely avoided cashing out, and other updates

Edition #448, 27 February 2025

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Dear Reader,

Recent revelations have highlighted how the alleged fraud at the Indonesian aquaculture firm eFishery enabled its founders to benefit from rising salaries and bonuses that were tied to inflated financial performance. However, the history of their share transactions suggests that they have largely refrained from cashing out, despite the company’s surging valuations.

Indeed, eFishery paid its founders, Gibran Huzaifah and Chrisna Aditya Wardani, $999,999.1 each in a share buyback in August 2023, just a month after closing its $200 million Series D round. The round, which valued the company at $1.35 billion, set the price for its preference shares at $14.39 apiece.

The buyback, on the other hand, saw each founder selling 79,423 ordinary shares at $12.60 apiece. Even after the transaction, Gibran’s stake in eFishery remained valued at a minimum of $106.7 million, with the buyback amount accounting for just 0.94% of his total holdings. Similarly, Chrisna’s payout represented only 0.97% of his total stake in the company.

The other set of transactions by the founders took place three years earlier, when they individually transferred 390 ordinary shares to investors and employees shortly after the company’s Series B round in August 2020.

While the exact value of these transactions remains unclear, the Series B round priced the company’s preference shares at $4.92 apiece. Given the typical pricing structure, we expect the ordinary shares to have been valued lower.

Whether out of confidence or necessity, their decision to hold onto most of their equity now sits against the backdrop of eFishery’s unravelling financials, putting their actions under even greater scrutiny. Shareholders are set to vote on the company’s future, weighing a choice between liquidation or a restructuring plan aimed at revival.

Logistics lifts Indian startup funding in Q4 2024

Logistics & distribution led Indian startup funding in Q4 2024, largely driven by Swiggy’s $605 million pre-IPO raise, reflecting continued investor confidence in tech-enabled supply chain and delivery solutions, according to DealStreetAsia’s latest India Deal Review: Q4 2024 report.

Between October and December, startups in this category secured $1.13 billion across 22 deals. Alongside Swiggy, quick commerce firm Zepto was a major fundraiser, closing a $350 million Series G round, as competition in the sector remained intense.

Financial services ranked second, raising $850 million across 39 deals. While Software was placed third in funding value at $327 million, it outpaced both Logistics and Financial Services in deal volume, recording 49 transactions, highlighting the sustained investor interest in enterprise tech.

Collectively, these top three sectors raised $2.3 billion, accounting for 55% of total deal value in Q4. The concentration of funding in these industries underscores investor preference for scalable, high-growth startups despite ongoing funding challenges.

Source: DealStreetAsia’s DATA VANTAGE

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Other updates from DATA VANTAGE

Singapore-based ticketing software firm [redacted] reversed a $493,000 net loss to a $30,000 profit, while revenue surged 128% to $65 million, according to its financial filings for the 12 months ended March 2024. The company operates across Asia, with a presence in China, Indonesia, Japan, and India.

AI Communis, a Singapore-based Automatic Speech Recognition (ASR) provider, saw its revenue surge to [redacted], reflecting a 160% year-over-year growth for the 12-month period ended March 2024, allowing the company to narrow its net loss.

Indian food delivery giant Zomato has invested an additional capital of Rs 1,500 crore (about $172 million) into its quick commerce subsidiary Blinkit. This follows a Rs 500 crore (about $57 million) of capital to the firm received earlier this year.

Aerospring Gardens, Singapore’s agri-garden tech startup, recorded a modest 5% decline in its annual revenue to [redacted] for the 12-month period ended March 2024, while its net loss for the same period slightly worsened.

Singapore-based cloud migration solutions provider [redacted] reported a sharp 47% decline in revenue, falling to $390,000 for the 12-month period ended March 2024. Net profit also saw a 48% year-over-year drop, reaching $30,000 during the same period.

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